For extra safety, the pool contains more collateral than the value of the bond.

为了使其更具安全性，资产池中有抵押的债券要比普通债券价值大。

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The bond is similar to the housing loans but the difference is that its collateral is low grade bonds instead of housing loans. It is backed by diversified pool of junk bonds.

与房产抵押贷款债券相似，所不同的是抵押品不是房产抵押贷款，而是评级较低的债券，由多个级别很差的债券组成。

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Low interest rates and puny yields in the money markets mean that pension funds are receiving lower yields on their collateral pool reinvestments and hedge funds are, as a result, receiving diminishes rebates, boosting shorting costs.

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